Sky-High Manhattan Rents Dip For 3rd Straight Month, Study Finds

NEW YORK CITY — Most of Manhattan's beleaguered renters saw rent dip for the third straight month, except for those seeking luxury apartments that now average a record-breaking $16,000 a month, a new study found.

The net effective rent in Manhattan stood at $3,964 in October, according to a study released by the Douglas Elliman real estate company.

The rent level is indeed sky-high — roughly 17 percent more than a year ago — but is below the all-time peak of $4,150 in July, the study found.

"Overall rental price trends showed stability as the high-end pressed to new records," the study states.

Those "new records" for luxury apartments were average and median rents, respectively, of $16,119 and $13,000, according to the study.

"These results were 45.5% and 49.5% higher than their pre-pandemic levels and showed how the high-end rental price growth outperformed the overall market during the pandemic era," the study states.

Brooklyn's net effective rent remained below $3,500 for the past two months after peaking in the summer, according to the study.

The rent in Brooklyn is no longer record-breaking, but continues to "flirt with new records for the past two months," the study states.

Effective rent in Queens stood at $3,067 in October, according to the study.

"Net effective median rent fell month over month for the second time in three months," the study states.

Read the complete Douglas Elliman study here.